India’s Housing Sales Hit Record High in Q2 FY23

India’s Housing Sales Hit Record High in Q2 FY23

Housing sales in India hit a record high in the April-June quarter of 2023, according to a report by ANAROCK Research. Over 1.15 lakh units were sold in Q2 across India’s top cities, which is nearly 36 percent higher than the 84,940 units sold in the same quarter last financial year. Among the top seven cities, Mumbai Metropolitan Region (MMR) and Pune accounted for over 51 percent of the total sales, the researcher added.

Housing sales in the second quarter of 2023 has far surpassed the previous peak of the first quarter in 2023 despite rising home loan rates. As many as 58,770 units were sold in MMR and Pune, said Anarock. Pune saw the highest jump in the number of units sold at 65 percent. It sold 20,680 units in Q2 2023. MMR saw housing sales increased by 48 percent with 38,090 units sold, while Bengaluru saw an increase of 31 percent with 15,050 units sold in the second quarter.

Chennai saw sales of 5,490 units in Q2 2023, amounting to an increase of 44 percent, while Hyderabad recorded sales of 13,570 units, which is a spike of 21 percent over Q2 2022. Housing sales in Kolkata increased by over 20 percent in Q2 2022 with sales of 5,780 units.

NCR is the only region to see a single-digit yearly growth – of 7 percent. It saw 16,450 units sold in the second quarter, while it was 15,340 units in Q2 2022.